Description

Lock-in details for 67,06,65,635 equity shares of Aequs Limited following its IPO listing on BSE.

Summary

Aequs Limited has listed 67,06,65,635 equity shares on BSE with detailed lock-in provisions for different shareholder categories. The company’s registered office is at Aequs Tower, Whitefield Main Road, Bengaluru. Lock-in periods vary from 30 days to 3 years depending on shareholder type, with certain categories like ESOP holders and AIF Category II having no lock-in restrictions.

Key Points

  • Total equity shares listed: 67,06,65,635 shares in demat form
  • Promoter shares under longest lock-in: 13,41,33,250 shares locked until December 8, 2028 (3 years)
  • Major promoter holding: 14,59,42,023 shares locked until June 8, 2026
  • Additional promoter shares: 25,80,13,045 shares locked until December 8, 2026
  • AIF holdings: 3,73,53,171 shares with no lock-in (Category II) and 12,09,969 shares locked until May 10, 2026
  • ESOP-related shares: 38,47,326 shares held by employees and 1,58,11,500 shares held by ESOP Trust with no lock-in
  • Anchor investor allocation: 3,33,80,262 total shares with staggered lock-ins (30 days and 90 days)
  • IPO public allotment: 2,06,67,696 shares with no lock-in
  • All shares are in dematerialized form

Regulatory Changes

This circular implements SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, specifically Regulation 17(c) regarding lock-in requirements for IPO shares.

Compliance Requirements

  • Lock-in periods must be adhered to by respective shareholder categories
  • Alternative Investment Funds (AIF) holdings as on December 5, 2025 follow specific lock-in provisions based on category
  • Anchor investors must comply with mandatory 30-day and 90-day lock-in periods
  • ESOP shares transferred from trust to employees prior to IPO are exempt from lock-in
  • Company Secretary Ravi Mallikarjun Hugar (Membership No. A20823) serves as Compliance Officer

Important Dates

  • Prospectus Date: December 5, 2025
  • Circular Date: December 9, 2025
  • Listing Date: December 8, 2025
  • First anchor lock-in expiry (30 days): January 6, 2026
  • AIF special lock-in expiry: May 10, 2026
  • Second anchor lock-in expiry (90 days): March 7, 2026
  • Promoter lock-in expiry (6 months): June 8, 2026
  • Promoter lock-in expiry (1 year): December 8, 2026
  • Promoter lock-in expiry (3 years): December 8, 2028

Impact Assessment

Market Liquidity: Approximately 31% of shares (20,67,65,939 shares under various lock-ins) are restricted from trading for different periods, which limits immediate free float. However, 6,39,12,996 shares from public issue, ESOP, and certain AIF holdings are immediately tradeable.

Trading Impact: The staggered lock-in expiry dates will gradually increase available float over the next 3 years, with significant unlocking events in January 2026 (anchor investors) and June 2026 (major promoter holdings).

Investor Considerations: Large institutional and promoter holdings are locked for extended periods, providing stability but reducing liquidity. ESOP and public shareholders have immediate trading flexibility.

Impact Justification

Standard IPO listing with lock-in details for a new listing; affects trading liquidity for specific shareholder categories but follows regulatory norms